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CNBC
Dec 10, 2012 4:00am EST
headlines from around the world. political turmoil in italy sending european stocks lower. italian banks leading the way down as mario monte keeps investors guessing in whether he'll run against sylvia berlusconi next year. the unexpected drop signals continued pressure from abroad. and meeting face-to-face, president obama and house speaker john boehner sit down for a one-on-one over the weekend. there are just three weeks left before the u.s. goes over the fiscal cliff. >>> italian shares are down nearly 3% this morning. for the most part, it is bank stocks leading the way down. we're now down about 2.76% on the ftse mib. bank stocks have been hit particularly hard this morning. earlier, we saw shares down 5.6%. we're seeing the same thing, whether it's bmps hitting session lows down nearly 6% comes amid concerns about leadership and economic reform in italy following mario monte's announcement that he'll resign once the budget has been passed. this move is likely to bring the country forward to elections next year. the italian prime minister has offered no clue as to whether or not he
CNBC
Dec 28, 2012 4:00am EST
fiscal cliff next week. >>> investors are bracing for the final eurozone bond sale of the year. italy will sell up to 6 billion later today. >> and the yen has been sent lower and stocks to their highest level in 21 months. >>> this is the final "worldwide exchange" from london of the year. louisa is here for it. >> i can't believe it. it's my last working day of the year, as well. >> is it? >> yes. >> unfortunately we'll still be talking about the same thing we're talking about now. >> although i feel we'll be talking more debt ceiling, as well. >> and speaking of which, president obama is trying a last ditch effort to restart budget talks days before the u.s. goes over the fiscal cliff. speaker john boehner has called the house back into session sunday evening. house majority leader eric cantor is telling his members to be prepared to work through january 2nd. both sides are still far apart on taxes and spending cuts. harry reid says prospect deals by monday are unlikely. minority leader mitch mcconnell says there's still time for an agreement. >> republicans aren't likely to sign a
CNBC
Dec 11, 2012 4:00am EST
controversial moment in italy. berlusconi has announced he's creating a new center right grouping. meanwhile, mario monti has been accused oversimplifying solutions during the fiscal crisis. carolin is joining us now from rome. do we expect more of this rhetoric today? >> oh, definitely. not just today, but specifically over two months. elections will only be held probably on february 24th. we've got about two months of the silly campaigning season to follow. so yes, as you said, the verbal exchange is definitely heating up. it started with mr. monti's response criticism coming from officials about his renewed request for the prime minister post yesterday. he said this criticism was out of place. it was offensive not just for him, but also for all of the people in italy who have the freedom to vote. this morning, he did an interview with one of the channels here in italy and he said, i don't really care about this spread because the spread is based on fraud. that's the direct translation. meanwhile, if you take a look at the spread, they are moving higher again. 4.9%. italian equi
CNBC
Dec 24, 2012 5:00am EST
playing the blame game. >> mario monti is saying he's available to lead italy. he'll run for office in the upcoming election, but only for a party willing to push his agenda. >>> but he has competition in the form of sylvia berlusconi. he tells cnbc he feels a responsibility to run. >> feel the need to return to the political arena to prevent the country from being delivered into the hands of a leftist party. >> and the crowds are out, the stores are ringing up those sales, but u.s. shoppers may be running low on holiday spirit. and analysts say that they're spending less, as well. hi, everybody. welcome. merry christmas out there. thank you for joining us here on the show. what we're looking at today, we've got slightly quiet markets ahead of the u.s. open. what we're seeing, though, that all the markets are being called lower across the board stateside. the dow is being called a bit lower, nasdaq is being called a bit lower and the s&p 500 being called down by a bybit, as well. we saw markets coming off on friday stateside. pretty significant drops, as well, given that we now seem to
CNBC
Dec 12, 2012 4:00am EST
secretary general could get heated. >>> italy likely to see a strong uptai uptake thanks to supply reductions before year end. >>> and let's twist again. the fed set to announce a fresh around of bond purchases to match the outgoing twist program at the end of the year. >>> the international community blasts north korea after it successfully launches a long-range rocket, prompting an emergency u.n. security council meeting. >>> all right. a very good morning to you. we are going to be on to opec later. we've got the latest i.a. data out this morning. they're saying global oil demand projected around 90.5 million barrels a day. more than forecast. they say non-opec production bouncing back. an something bit. they're saying opec crude supply inched up in november led by higher output from saudi arabia. >> i think we'll have to call this today the case of the two oil reports. we have the opec report that they put out ahead of the meeting showing different figures from what the iea is saying. >> they're saying saudi arabia figures saying we produce less. now the i.a. saying they produc
CNBC
Dec 13, 2012 4:00am EST
. spain, this will be a good proxy for now. we'll get the ten year for italy in just a second. 35.34% is the level there. u.s. benefiting from fund flows well. choppy trade across the picture here. let's look at the italian curve before we get the results later today. we are seeing green across the board, so yields dipping before that probably has more to do with the political rhetoric we're seeing especially coming from berlusconi. under 4.6% for the ten-year and on the short and two, a bit of a rally. finally, let's close taking a look at the forex. euro/dollar is weaker. and it's holding just above 1.30. and the dollar/yen, this is the one sixuan mentioned to watch. heading into japanese elections, stocks outperform adding oots .1% to 83.35 this morning. >>> south korea's central bank may be worried about factors in the economy, but the dok says the economy is stronger than it used to be. more on that next. can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been
CNBC
Dec 19, 2012 4:00am EST
meantime, i can can bring you news. for example, on industrial orders and sales in italy, orders flat on the month, down .2 on the month for sales and down nearly 5% on the year. so confirming some of the weakness that we know we've seen previously in the italian economy. meanwhile, another gauge perhaps for the euro as we look to the strength of it lately. that's the current counselor plus which in october was an adjusted 3.9 billion euros, up quite a bit from the 2.5 billion reported for september. now that also comes after -- a day after the european union's report suggesting that in fact the european union would have to run a surplus, given its poor demographics over the next couple of years. now let's get a quick preview of the news. for that we head to patricia, awaiting the results. what do we expect to see? >> reporter: we're expecting the second consecutive month to the upside for the business sentiment next year in germany. november was a surprise after six months to the downside. we expect december to book in a little increase again, but important is here, not only the expecta
CNBC
Dec 10, 2012 5:00pm EST
what makes a market. >>> let's move on here. big political news out of italy. the prime minister says he will resign after his party pulled its support from the government last week. former prime minister silvio beryl coney says he is considering a come back. what will this all mean for the euro? let's bring in amelia boar dowe. we saw the cracks in terms of lack of support last week. we saw the reaction today. >> right. you know, it seems things stabilize and a new comment introduces uncertainty once again. what's happening is, you know, market investors are pretty concerned about beryl coney, because he is so anti-austerity. and italy is one of the countries that's been targeted by investors as perhaps needing a bailout in the future. teetering on the edge of needing one. we did see ten-year bond yields rise in italy and also in spain, because people tend to think of spain and italy together. so, there is a contagion factor here, as well. so -- >> walk us through the trade that you got. >> sure, so, i'd like to short the euro, but not against the dollar, because i think the dollar w
CNBC
Dec 14, 2012 4:00pm EST
of one of italy's companies is with us sounding the alarm and best buy back to its losing ways after surging 16% yesterday. find out if you should pick up the stock at these levels. you're watching "closing bell" on cnbc, first in business worldwide. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chas ...so as you can see, geico's customer satisfaction is at 97%. mmmm tasty. and cut! very good. people are always asking me how we make these geico adverts. so we're taking you behind the scenes. this coffee cup, for example, is computer animated. it's not real. geico's customer satisfaction is quite real though. this computer-animated coffee tastes dreadful. geico. 15 minutes could save you 15 % or more on car insurance. someone get me a latte will ya, please? >>> welcome back, the fiscal cliff deadline in the united states
CNBC
Dec 11, 2012 6:00am EST
saying he was going to resign as italy's prime minister. that paves the way for flesh elections to be called in the beginning of next year. yesterday, we saw the negative reaction. sylvia berlusconi wants to make his return on the political scene. today, we saw a bounce back. if you can see see bind me, the bank stocks in italy rerebound, but it's only in the range of .5% to 1% of these names which were down in some cases nearly 10% yesterday. if you take a quick look at european bourses, if that's possible, down near the ftse mib, this is the one selling off somewhere in the range of 3.5% yesterday. today it's adding about .8%. in spain, showing a nice rebound. same attitude listing peripheral debt. we can take a look there. italy and spain seeing prices rise, yields falling to 4.75% and 5.75% respectively. is investor attention returning to spain? here is the thing. italy is the third biggest government debt market in the world. it's the third biggest economy in the eurozone. whatever happens with its political situation could put neighboring pressure on spain. the main thing to
CNBC
Dec 19, 2012 9:00am EST
to come -- spain was supposed to come to market. italy, oh, my, what happens when italy -- it turns out you had to take it down. i know that john corzine, very controversial figure. that's a code word. but what a trade they almost had. in the news again today. >> almost. >> horseshoes, hand grenades. >> we should point out, gm was certainly not having the easiest of times of it. this morning's stock is up sharply, we're telling you why. the company will buy back at a premium to at least what was the market price as of yesterday, 200 million shares from the government at $27.50. that having the effect of sending the stock above that. why not, if you're gm, you've got all this cash sitting on your balance sheet. you're earning virtually nothing on it, why not take the opportunity, even at a premium, to buy it back by as much as 11%, shrinking the cap by that much. we heard from tim massad who runs t.a.r.p., they'll be dribbling out the shares over time. the next 12 to 15 months. similar to the strategy employed with citi. a bit of it coming out. and finally they cleaned it up with a f
CNBC
Dec 10, 2012 12:00pm EST
. big political news out of italy, shaking that market overnight and sending yields surging. word that prime minister mario monti will resign early and that silvio berlusconi is considering a comeback. carolyn roth is live in rome with the very latest. what can you tell us? >> well, the perceived political calm that we've seen in italy over the last 13 months, that came to a very abrupt end over the weekend. that's when prime minister mario monti surprisingly resigned, which still hinges on the passage of a budget law before the end of the year. at the same time, very controversial former prime minister silvio berlusconi also said he is run fog are the prime minister post again. so this is got markets extremely wore rid. here's why. because markets are concerned that the new government would be elected on february 24th, that this new government will not be implementing the austerity measures that mr. monti has implemented over the last couple months. but is this concern actually warranted? well, if you speak to a number of analysts, well they'll say, no, because if you look at the
CNBC
Dec 4, 2012 11:00pm EST
and italy couldn't pay their bills. we knew these companies could not bring down taxes. it turns out that we were afraid that these bonds were bringing the whole world down and we should have been buying them. the europeans offered sensible plans and responsible governments stepped up to increase taxes and cut benefits. if you had been able to borrow a ton of money to buy them it would have doubled. it may have been the single best investment of the 21st century to date. we are gripped by a similar hysteria about our own country. the fiscal cliff is like what they had in europe. we need to look for companies being obliterated by the cliff. banco santander was perceived to be the biggest loser. but it turned out to be an amazing trade. the stock traveled to $7.72. i don't think it's done. charitable trust is buying a major midwestern lender. stock has been sliding every day. key is now under $8 and i can tell from the trading in the name it is not going to happen just yet. there are sellers everywhere. the only thing they have going for them is fears of the cliff. we know that when th
CNBC
Dec 5, 2012 4:00am EST
italy and france and actually grew for germany. then in q4, it seems that there is a greater degree of destocking i think, materializing. i think that is going to lead to some weakness on the industrial production side and it does appear that the austerity is very much perceived by household and by service sector companies. and that explains this relatively soft data. it's a sign that really we are still in a period of multi-year major fiscal entrenchment and at the same time, we have a very cautious perspective towards taking on debt. both by the suppliers and the demanders of that debt. >> julian, very briefly, will we see more qe? will we see any more next year or not? >> well, it will depend, i think, on how things develop. on our baseline forecast, the answer to that would be no because we are looking for recovery coming through really reasonably significantly from the first quarter of next year with .4% quarter on quarter. >> julian, thanks for that. always good to see you. julian kelly joining us from barclays. which country is more corrupt and which is least? you can go to o
CNBC
Dec 10, 2012 9:00am EST
focuses on italy where there's an impending political regime change. more on that in just a moment. the road map starts at the golden arches. mcdonald's blowing out expectations for november sales after the dismal drop in the month of october. hoping to fuel the rise, the bacon/onion/cheddar sandwich. >> there's one thing for certain, taxes on top earners are going up. >> turmoil in italy. berlusconi throws his hat in the ring. retail sales numbers out of china, hoping the economy is in fact on an upswing. >> apple, enthusiasm. jeffreys trimming its price target to 800 from 900, as apple shares do trade lower in the pre-market. we'll start with mcdonald's, posting better than expected november same-store sales, global comps up 2.4. u.s. same-store sales up 2.5, offered by breakfast offerings, including that cheddar/bacon/onion sandwich, as melissa mentioned. jim? people are saying the u.s. maybe is making a turn here. >> i find mcdonald's is levered to new products, levered to menu technology. they do invent things. my hat's off to janet. they had this number last week. reminds people,
CNBC
Dec 24, 2012 6:00am EST
. the nordic markets all closed for trades today. italy closed for trade. the smi closed for trade. we've got the ftse 1100 a couple of points higher. the cac and the ibex 35 just off marginal marginally, as well. i would like to show you what type of performance we've had on a year-to-date basis. rising somewhere in the region of 15% since the beginning of this year. you will note that we have had had a bit of a rally heading towards december. the question is whether we'll see that continue into next year. looking at a slightly broader base, the 600 index here, year-to-date higher by 15%, as well. europe's largest economy, the german market seeing some pretty significant gains as well as the dow jones stocks 50 up by 50%. so this brings its up, can it really continue next year? that's when you want to glance at barons, indicating over the weekend you could be looking at a rally. 20% next year. they singled out a number of stocks that they mentioned next year. by the way, andrew one look like one of the little elves in denmark dressed in my parents' garden. it's very sweet. >> do y
CNBC
Dec 27, 2012 4:00am EST
. there will be a rocky road possibly driven by news from italy in the latter part of february. so i'd be long now, but i would -- on that position. >> and we'll get into more of on that in just a minute. allen will stay with us. if you have any questions, send them in. worldwide@cnbc.com. if you want to share your thoughts, say hello here on this quiet christmas week. we would appreciate that, too. >>> a ja toyota has agreed to settle a class action lawsuit. customers brought the case against toyota claiming certain models accelerated unintentionally. 16 million vehicles will be covered by this action. it includes the camry and corolla. the nikkei generally speaking was higher this morning. >>> the season of good will seems to have tech firms bye. this amid claims that ericsson breached a number of samsung patents. >>> now let's check in on markets. it's time to look at the heat map. and we have green, more green than red on the board today. by three to two, gainers outpacing losers. now, europe was closed yesterday. there was trading in the u.s. it was a weaker session. that move did ex
CNBC
Dec 18, 2012 4:00am EST
generally that we're seeing this morning. yields up to 4.5 roughly in italy at about 5.4%, respectively. gilt is moving up towards is.9% this morning. the bund yield is still extremely low, so that spread between gilt and bund is widening. look at the euro/dollar. 1 1.3171. extraordinary. we're almost up at that 1.32 level. the dollar/yen is flat, right about 83.88. there we go. a little bit of movement there. the aussie lsh dollar is weaker. the aussie/dollar has been weakening. maybe the researchers of the yen not doing too much to spur sentiment. in any case, let's get the latest out of singapore. >> good morning. you're right, sill st some danger for the japanese markets. however, the yen-sensitive shinzo abe trade still in place. we did see the nikkei gain another 5% today. over the last 15 weeks, it has gained 15%. analysts saying it's now in overbought territory. the nikkei 225 keeps gaining. dollar/yen, pretty flat today. although we were sitting on that 84 handle a little bit earlier. all eyes now on the central bank meeting later this week. expectations for some
CNBC
Dec 7, 2012 9:00am EST
are two that we're watching for american investors. one is greece, one is italy. the developments today are both good from an american investing perspective because they keep a lid on what's happening in those two respects. in greece there was trouble on the streets of athens last night as a result of left-wing protesters and students out and police using tear gas to disperse them as they protested the death of a teenager as a result of a police shooting four years ago, but the more important thing from a market perspective is that in 30 minutes' time now, the book will close on the greek debt buyback. now, remember what's happening here. the greek government is borrowing 10 billion euros from the rest of europe to buy back its own debt at a discount. if it does that successfully, by midday our time when that book closes, then more cash will flow through from the rest of europe, possibly next week it will be able to repay its bills and capitalize on the banks. let's check the close. >> the european markets are closing now. >> so we kind of went nowhere today. a lot of these market
CNBC
Dec 31, 2012 4:00am EST
bond yields move higher. investors are exiting the asset class today. italy around the 4.5% level. we've seen these predominant for several weeks and likely a quick check on forrus. the yen, an important one to keep an eye on, as well. dollar/yen firmer, continuing the patterns that we've seen over the last couple of trading sessions. for more on what to expect from markets today, we're joined by chris meyer, managing director and chief strategist from loop capital markets. chris, good morning. we wake up without a deal. what does that mean? what are you watching today? >> good morning, kelly. the thing i'm watching most specifically is the vix. i think the vix is the most distilled measure of risk that we have in the marketplace right now. we've noticed that the vix has gone from a fairly low range of 12 to 14. we're up over 20 now, which to me is an area of concern. if we begin to move higher, once again, i think we should watch out for market-based effects. >> we have, as you mentioned, started to see that outperformer. it's interesting in a year when the vix is tamed we haven'
CNBC
Dec 21, 2012 4:00am EST
here, we see decliners well outpacing advancers. the ftse mib in italy down .6%. the ibex down .4%. the dax selling off .5% lower than yesterday. same goes for the ft. if it is, down .8%. 5909. how quickly we've gone from talking about 6,000 to talking about 5,900. the german bund rallying. same goes for the uk. we're seeing a rotation into safety, out of risk and out of spain and italy. about 4.5% for italy. thin trading in markets is exacerbating the move that we're seeing as we approach the year. today, the austy dollar is weaker against the u.s. dollar by about .4%. proxy there for global growth prospects. the dollar/yen is weaker by about .25%. this as markets digest the news out of the boj and gauge whether they'll be successful in boosting inflation ultimately. the euro/dollar, 1.3221. so for trading in asia, just how japan, china and the rest have been affected by fiscal cliff news, diedra morris is join onning us with plenty more. hi. >> hey, kelly. it was a bit of a rude awaking. a lot of these indexes were on their way to gains and then we had the fiscal cliff setback.
CNBC
Dec 7, 2012 4:00am EST
%. there's also no political crisis in italy by the way. support has been withdrawn for the group run by monti. berlusconi hinted he may return to politics after stepping down last year. claudia joins us in milan. a number of reports suggested this may not upset investors too much just because we were going to have elections anyway, it doesn't bring it forward a lot earlier. is that the sense that you're getting? >> yes, it doesn't really change in terms of the timing. it just gives you an idea, though, of where berlusconi stands and what the situation is like within that central right next. the pdl has made it clear that there is a serious disagreement within the party. they were set to go forward with some primaries which is what the center left did to elect their candidate. and now that berlusconi has abruptly announced that he's going back, that tells you there is a lot of tension. he's trying to define the support, enough support in order to have some say in parliament even after the elections. an apparently he probably was not able to get that within his own party. as far as the si
CNBC
Dec 14, 2012 9:00am EST
italy and so forth. are you comfortable with the system you have now in new york? i understand the medallion changes hands for $800,000. so you have a few people who control a lot of these licenses. who are creaming off most of the profits. then you have often first generation immigrants who are tearing around on the street 12-hour days trying to make a living? is that fair? >> medallion now trades for $1 million. so i think that does prove your point in a sense. look, we are -- the biggest issue in new york city is outside the core service area in midtown, downtown manhattan. mayor bloomberg has gotten legislation out to let us create a whole separate class of taxis that will operate in the boroughs. we do need more cabs. that $1 million price -- >> did it get approved? >> the governor signed it, the taxi owners, they have a lot at stake. they've sued and it's in court now. we're going to get a final decision by may or june. i'm sure we're going to win and put the new meltions on the street. >> did anyone find my wallet? >> that's the most common call we get. with the gps in the t
CNBC
Dec 27, 2012 2:00pm EST
headlines from italy and spain and of course portugal and greece is not finished yet. >> right. >> so there's plenty of problems. we're going to return back to basics after the fiscal cliff. people will say, you know what, i do need some place to put my money. >> probably not in the backyard or under the pillow. thank you for joining us. brian. >>> meantime, big news from d.c. not on the fiscal cliff. it is that epa administrator lisa jackson is stepping down. her term really has been marked by battles over things like the keystone xl pipeline and coal fired power plants. just this month alone the epa has enacted rules that will cost businesses billions of dollars in regulation. that's why some may be saying good riddance. let's bring in robert costas. isn't that harsh? listen, you don't have to agree with her. she had her vision and she went for it. what's wrong with that? >> i think it's not harsh at all. this has been one of the most activist administrators in the obama administration. she comes in in 2009. immediately she gets to work on cap and trade. it fails in the senat
CNBC
Dec 3, 2012 2:00pm EST
region, lowering volatility. as intention has increasingly focused on spain and italy, i think people at this point have pretty much written greece off. i think there is still a widespread belief following the german elections that debt burden is going down in the official sector, just a matter of how much. >> gina sanchez, this is live tv of course. good to have you back up and running. we have climbed the wall of worry many, many times. quite often when we climb that wall of worry we miss out on gains. is there something different this time around? are the worries justified or are we going to miss out? >> well, generally our view is that we're going to get to the end of the fiscal cliff with a resolution but that it is going to be turbulent up until that point. and so we're probably going to climb a wall of worry there. i think the issue on europe though is one that we basically -- i agree with brian, we've put europe to the back burner and probably some time at the second half of next year it is going to crop back up as an issue. but you could see, for example, the sort of classic jan
CNBC
Dec 10, 2012 1:00pm EST
questionable politics going on. for example, italy. though there is a question of politics going on here, i guess. if we look at other issues, the euro currency has been up a little bit today. there are questions about the dollar index with the fed meeting. if you look at corporate barclays and both continues to super well behaved. not only are we looking for tax avoidance, we being businesses and corporations, but individuals looking for better yields than 1.614 i see on the current ten-year. tyler, back to you. >> rick, thank you very much. >>> one aspect of the fiscal cliff debate that hasn't been hardly noticed is the estate tax. how much gets taxed when the move is moved from one generation it the next? >> death and taxes may be certain, but the death tax as its called is in limbo. the reason, well, the fiscal cliff. the current rate is 35%. only those estates worth 5 million or more have to file. if we go off the cliff the rate shoots up to 55%. anyone worth an estate worth $1 million or more has it file. that will catch tens of thousands of tax payers in the net of the estate tax.
CNBC
Dec 17, 2012 11:00pm EST
on a year ago that italy and greece would be following in disaster. of course, they subsequently turned out to be the single best places to invest for fixed income in the world. not only did the sky not fall, but you had to do some serious buying to keep up with the others around the world. that's still the case. we have been buying an etf for my travel trust. was there a more uniform agreement than the idea that the euro had to die and the weaker countries were going into a depression? i think they'll have slow growth for years. we know a ton of countries that could do very well in a low-growth environment. a year ago all the wise guys were telling us to avoid china because it was a house of cards. the course only grew more uniform through the summer and fall with the chinese market falling to multiyear lows. but in the last few weeks, china's economy bottomed during the summer as they were focused way too much on beating inflation. now it's become the best performer in the world, and i don't think you've missed the move which is why my trust has been buying an etf that mimics c
CNBC
Dec 20, 2012 4:00am EST
bit. 1.95% after a soft set of uk retail sales figures. spain, italy, moving higher, but not too much of a move there. 5.3%. and 4.4 for italy. now, forex rates, the euro/dollar and the yen has been in focus still in the last several trading sessions and that continues today. 1.3230 is the level. the yen, though, is giving back about .5% after the bank of japan's quantitative easing plans, pretty much flecting a buy the rumor, sell the fact move. now, house republicans plan to bring their tax bill to a floor vote today. this as tensions over the white house over the fiscal cliff have started to rise. it's unclear what the bill, known as plan b, will look like. house speaker john boehner has reportedly added spending cuts to convince members it will be worth the vote. president obama has threatened to veto the bill. the president says he's puzzled by what's holding up budget talkes and that house republicans should stop trying to score a point against him. >> take the deal. you know, they will be able to claim that they have worked with me over the last two years to reduce the def
CNBC
Dec 14, 2012 4:00am EST
he wanted to prevent a shift to the left in italy. that's something angela merkel could support. although she might have to face her own transition to the left as we face elections in september. it's hoped mario monti would stand again and would stay in place because clearly that was the sort of work in progress that worked well. down with the euro and italy has to walk its own way. that is not something that we would like to hear in the eu eurozone or in berlin. >> silvia, thank you so much for your time. >>> now, a weak ahead of the person of the year, the winner, north korean leader kim jong un. the magazine didn't admit that various online campaigns were at work to influence the vote. not necessarily a legitimate tell on who readers would like to see as person of the year. so we're going to cast our own poll on "worldwide exchange." who is your pick for person of the year? e-mails us here, tweet us. i think ross westgate gets my nod. we'll see if maybe he comes out ahead in our unofficial reader poll. staying on that topic, the financial times has named its person of the yea
CNBC
Dec 3, 2012 6:00am EST
ago when monti gets named technocrat tick prime minister of italy, he comes out with a package two thirds tax hikes, one third tax cuts. and i remember saying do you think this will work, they're raising the v.a.t. tax and i understand italian household debt isn't that high, but they were trying to tax their way out of a massive debt problem and in fact receipts went down, consumption fell to 4.25 annualized rate and the situation got much worse. today italy has zero nominal gdp grets. and they're funding at 4.5%. that is a bad business model. spain same story. so when you bnk our package and what's been offered so are far which appears like $1.6 trillion in tax hikes against $400 billion of entitlement cuts over time, that's an even worse mix than the two-thirds/one-third european structure that really has gotten a negative reaction. >> how much is because of the mix and how much of it just this is what austerity looks like? >> is the money in capping deductions or raising marginal tax rates? it's in capping deductions. but that's tough because you have to tell someone no like the
CNBC
Dec 18, 2012 9:00am EST
ecb stands ready with unlimited support for spain and italy, when and if they sign on to oversight agreements. these are huge dramatic changes. think about how many times we've agonized over where the money would come from for bailing out spain and italy. now we know. when they sign on to oversight. >> the point is we know -- we know what the policy response already is by the ecb and the feds. so what is going to be the next catalyst to keep the markets to those new highs you're talking about? >> the next big catalyst is obviously the fiscal cliff resolution, second, you have spain sign on to oversight from the ecb. remove any possibility of spanish default and we think that lagarde is signaling that the conditions to that oversight will be a lot about labor market reforms. those are growth enhancing, so that's another great catalyst for the market. last, but certainly not least, i think you could see the new leadership team in china come more aggressive reform program than people are expecting. >> all right. michael, good to have you. >> thank you so much. >> michael jones of rive
CNBC
Dec 28, 2012 6:00am EST
of italy, do you know? >> cosanza is the town. it's the foot of the boot. >> not a bad part of italy. >> no, there's really not. >> bob, help us here. >> i don't know if i can. >> you've got to. >> rise above, bob. >> just explain the volatility issue at a minimum. where do we go over the next two days of trading? we have today, we have monday and obviously we don't have tuesday. >> well, i don't know that we do a whole lot. i believe markets are just on the sidelines since before the start of the holidays for the most part. i believe there were some people holding out waiting for a fiscal cliff solution. i think we're going over the cliff, but we're grabbing one of those cartoon roots sticking out as we go over it. i think it will be a matter of days before just the political pressure of going over the cliff causes them to do about a 12-month deal. it's just -- i don't know. i hesitate to say the word ridiculous, but it's just ridiculous to watch. so market participants, the short-term market participants are on the sidelines. i think we're looking at about a 12-month deal and
CNBC
Dec 24, 2012 9:00am EST
i don't have to because he is a life senator whatever that means but italy has its own laws as you know, probably as well as anybody. but he wants -- he'd like to continue to run the show because he feels just like mario draghi that he's been very successful and he can't let go of the reins. now i understand that. but he doesn't want to run. >> he's been very successful and he tells us about that. >> right. >> he had his july 26th surprise between him and mario draghi but in the end as you pointed out off camera he doesn't want to lose. he's not going through the process in a way where he can lose. basically if you appoint me i'll take it. >> right. >> i think president obama or any politician in the u.s. would love to have those terms up. >> right. he wants the terms. no election. i don't want that process. i don't want the feeling of rejection but i'd like to continue in this path. italy has to make a decision and i think the big money will line up behind him. we see the reactions when berlusconi was on the rise for those two days the bond market got trashed again in italy and he
CNBC
Dec 3, 2012 4:00am EST
coordination between italy, france and spain that if we had little representative. so europe with this model of collection societies is making it much easier to implement in other countries. >> and what do you expect this to mean for the music industry as you look ahead as you've cleared this obstacle? >> our aim is to make sure that the digital music market is developing. take the work of people talking to the consumer and what we want is to make our content more available so that they can stimulate more the market and give some interesting value to the consume are. so our aim is to make the digital market growing even faster. >> and what model did you have in mind if any or did you have to create the model here? >> well, you know, we are here to make sure that all digital platform -- we are here to support them. so whatever the models they ca imagine, we're here to find a way to find the connection between our consumer and creators. we're here to facilitate and make sure at the end the music market is growing again. >>> still to come, u.s. lawmakers stall on the fiscal cliff wit
CNBC
Dec 4, 2012 4:00am EST
that could still go wrong in europe. one, there's always political risk. in italy, you do have elections coming up. there's a chance getting a higher share than people anticipate. but even then, the financial forces are going to force any government that comes into power to more or less stick to the plan morsi set out. on the other hand, there's always spain, the worries that with 25% unemployment, that you would see the default rate particularly on residential mortgages shoot up, it's 3% now, which is pretty amazing given the struggles within the economy, but we think it will go up somewhat, but really not any more than people have already priced in. >> and then ten year yields, 5.24%. at the moment, relatively speaking, pretty comfortable. >> maybe a little bit too comfortable and we certainly don't want to get complace complacent.yields are where they were say in march of this year and then subsequently they shot up to 7.5%. we know with the draghi put that that won't happen, but we don't want to think that there is only one way -- >> yesterday said, look, sort of the idea o
CNBC
Dec 21, 2012 9:00am EST
. we are seeing a 1% loss in italy, germany is down by .9%. >> of course, futures as you saw are taking a hit on concerns that a deal will not be reached to avert that fiscal cliff. an attempt by house speaker boehner to avoid that class and pass the so-called plan b tax bill. that failed. the measure that would have kept current tax rates for those making less than $1 million a year. it never even made it to the house floor. speaker boehner is scheduled to hold a news conference about an hour from now. of course, we'll bring that to you live. >> here we are. >> here we are once again. >> there was no real plan b. there was no real possibility of this. the republicans, the vast majority signed a pledge, they will not vote for tax increase. who would think they would suddenly turn around and vote for a tax increase. they pledged not to. >> the speaker said they might. >> i don't care. >> unless it's some sort of a plan to show how he's really -- you know, you've got to negotiate harder. because look what i'm dealing with. >> these guys -- do you suddenly think they're saying, all of a su
CNBC
Dec 17, 2012 6:00am EST
the year end but we didn't get them. i'm talking about bond markets. you see how spain, italy traded. so we're kind of nervous. the street is kind of out of paper so they can't screw it up right now. oh, shoot. i forgot to say hi to my mom! hi, mom! so that's important. because she'll get really mad if i don't. so, you have -- so you have -- >> you haven't said anything bad yet. it all sounds good. >> i'll tell you bad stuff if you want to hear it. >> no, we don't want to hear it. >> bottom line, joe, there's a trillion dollars, you got more money coming in of stimulus, and i got this market next year. so i got all kinds of different markets right now. i got credit markets which we know a lot about. we're really big equity guys, too. and i got equity markets like credit markets. i got credit markets that are so -- they're not -- i wouldn't say they're in bubble territory, but they're rich. and the spreads are at pretty good levels right now. you know, and i'll tell you how rich they are. you know this country, ivory coast, cote d'ivoire, to speak french although my french acce
CNBC
Dec 13, 2012 6:00am EST
uncertainty. other investors, not so sure. i wanted to show you the italian curve, italy and spanl wrapping up their fund-raising for the year. their auctions weren't all of that huge, but we are seeing yields fall, prices rise across the board as investors did show up. if we flip over to spain in particular, we can take a look at the three-year over here. a bid to cover ratio of 4.8%. one indication certainly of the kind of indications there are where the ecb is expected to be the most active if and when these countries have to access their bailout programs. now we're seeing prices in spain sell off a little bit. the ten-year, just under 5.4% is the level there. for the longer dated papers, investors are a little bit more wary. now, that news coming out of the euro group meeting, i wanted to show you the euro/dollar as we wrap up today's global market support. it's still down .1%, 1.3056. that would tell you that the resolution is largely priced in. now as focus moves into the start of next year, a couple of the key questions will be how much mario draghi follows ben bernan bernanke's caps
CNBC
Dec 21, 2012 6:00am EST
business of italy's avio for $4.3 billion. ge is trying to expand its participation in the jet propulsion market. they were once owned by fiat and is now controlled by a european private equity firm and research in motion reported a smaller than expected also for its latest quarter. the stock is under pressure as the company saw its first-ever drop in its subscriber rolls and said it would be changing its fee structure. that is something that brings in more than a third of the nephew. it's been seen as the one real stable piece of that business. we do have the ceo thorsten heins. he'll be joining us in just about 30 minutes to talk more about this. >> there's only ten days left now to prevent automatic tack hikes and spending cuts. joining us from washington, republican congresswoman shelly moore capito. were you privy to everything that was happening yesterday? >> i was shocked when we went into the conference at 7:45 and the speaker, after offering this serenity prayer, said merry christmas, you're going home, we're not putting the vote up, we don't have the votes. i was disa
CNBC
Dec 10, 2012 6:00am EST
morning. italy's prime minister mario monti, yes, the same one that is famous from all the anti-trust things back in the -- was that the '90s? >> the '90s, yeah. >> monti announcing he'll step down before his term ends. the decision comes after the party of sylvia berlusconi withdrew support for monti's government last week. berlusconi has indicated he will run for leadership again. cnbc's carolin roth will join us from italy with the latest in a few minutes. when i was over there, i had to have the -- all the political signs translated because there's a picture of monti sitting under a beach chair drinking a drink and all the text was send monti to the beach. they already didn't like him. >> he had very high disapproval ratings. i remember last summer i had seen that somewhere. >> they want to send him to the beach. the major european averages at this hour, there they, they're all down. not great in france, but germany down about .7% and the ftse down fractionally. other news out of europe, debt tieback for from an day to receive additional buyback offers. those would be at deeply di
CNBC
Dec 17, 2012 4:00am EST
germany and italy maybe next year have a potential surprise on the upside. >> how much of a surprise? >> it will not be a fast recovery. the ecb will be forced to do more, but they'll be drald dragged into it. so things will have to get worse before they act. so i don't really think -- >> what more actions? they have a t program waiting to go. what more actions are you talking about? >> the key policy rate for the ecb is likely indeed in the first quarter. they can take dpopt deposit rate negative. by the middle of next year, they'll be doing outright qe. i've been talking about this for ages. they haven't done it so maybe they won't do it. but i'm assuming that the outlook for inflation for the eurozone is -- >> how are they going to get around -- look, i know the bundes bank has a fear of hyper inflation. i just don't -- are they going to get around all the -- because even if they do it on the inflation mandate, are they going to get around the objections about outright money printing? germans would see it as that. >> they would see it as outright money printing. we have done qe. i
CNBC
Dec 27, 2012 11:00pm EST
portugal or spain or italy that the comes back with a vengeance and the s&p gets bashed down by a torrent of selling. that's why it's so important to prepare yourself and your stocks for the next catastrophe around the corner. expected or unexpected, so that you can make money in any market, or at least lose less and not just when things are going smoothly. you have to build this stuff into what i call your world view. you have to assume that somewhere, sometime, something will go wrong. i'm not saying you should be a super skeptic perma-bear, not at all. over the course of my 31-plus years in this business i've seen the averages climb way too way, watched the market make people way too much money to ever be that cynical and close-minded. being negative all the time has not historically been a lucrative strategy, and i don't see any reason why that should change now. there are a handful of incredibly smart, professional short sellers, hats off, able to turn pessimism into profits but i don't recommend trying to follow in their footsteps at home. i never recommend short selling on
CNBC
Dec 27, 2012 7:00pm EST
fatigue going on spain, italy, portugal, certainly greece. so you have those economic woes. the euro is not going to thrive and it may survive thanks to the ecb, but you're not going to get that economy to thrive, and the fiscal union ask those are very slow going and though they may be moving quickly by european standards and i've been given the magnitude of the problem going very slowly. >> how should people be thinking about this? the average american, and they've been hearing about it for so long and they're not sure it will affect their pocketbook. do you think they will? >> and there's this incredible chance that greece will leave and the dominos will begin to fall. i think that's unluikely to happen as long as the ecb is willing to support that currency, but will it thrive? will those economies boom? i don't think so, i think it will be another year of recession and you will find individual opportunities and the stock picker's market and far as it's a strong growth, they're not there yet. >> thanks so much for joining us. good to see you tonight. >> you heard piers morgan talk ab
CNBC
Dec 19, 2012 11:00pm EST
believe that every time italy and spain would have to raise money, go to the debt markets, do those deals, interest rates would shoot through the roof, bankrupting all involved, sovereign countries, companies, banks. instead, by letting cooler heads prevail through can kicking, smart private sector investors kicked the tires, not the cans, and they bought the debt. hit home runs every time they did. as rates came down hard, courtesy of central bank backstops that really did work. the europeans realized if they stopped the can kicking game cold like so many investors claimed they had to do, well, europe would go into severe depression. they didn't want that kind of super austerity, their leaders bought time by kicking the can and that's what was most needed, time. they bought time. how well did it work? considering rates are not only not dramatically higher, they're dramatically lower, and the euro right now, strongest currency in the world. hmm, i thought the euro was supposed to vanish by this time with the germans printing deutschmarks in secret cellars around the country. i thoug
CNBC
Dec 6, 2012 9:00am EST
, rallied back quite a bit in the ten-year bond futures in italy but you know what, politics aside, mario draghi bought himself and europe some time. i don't know what they'll do with it, it will be 2013's story. >> you nailed it, to me every strategy since the crisis hit in this country in my opinion you could call it kick the can but it's about we have no idea what the effects are going to be, what the exit will be or if any of this is going to work but trying to buy time for something to happen. that something has to be growth and i still don't see how europe has a plan for more growth. >> we know greece is done with because they've already restructured their debt and what they did in the last two weeks, which the germans said they should do, they should have done three years ago they'd be better off. spain is the immediate problem, you have 26% unemployment which is non-performing loans. >> we have to go, 2,200 pages of health care, i'm sure the notes spain's taken how greece has got money at every turn, their pile is a bigger pile than the health care plan. >> i could listen to you g
CNBC
Dec 10, 2012 2:00pm EST
italy, southern europe. the united states where families are falling apart. there is day of wreckoning for democracies all over the world. >> how do we fix it? telling grandma no. >> there is no fixing it. there is no fixing it. this is just something we have to watch. trends are unstoppable. their entire cohort of young japanese men called herbivores. these men live on comic books, video games, and masturbation. all you can do is look out for yourself. i don't think there is an answer. >> we need productive babies. who can coach us at our old age. >> herbivores won't help with that. >> one thing about america is we can suck the rest of the world dry if we can continue to attract hardworking people around the country. they will still go over the cliff and we will still be around. >> i will go on other shows, other networks on msnbc, and i think sometimes it is just scary. scary to say the typical median household will extract hundreds of thousands of more in medical care and social security than they ever paid into the system. nobody want to hear that. so how do we get over the politic
CNBC
Dec 17, 2012 9:00am EST
bag in europe with italy up by about .2 of 1%. >> we'll do our best to keep focused on the business day. we'll be following the tragic shooting in connecticut, of course. the new york stock exchange will hold a moment of silence to honor the victims in the next few moments, and we'll be looking at the president's call for meaningful action and the politics of gun control. >> let's get to a road map for this morning. it starts with apple. under pressure once again. even dipping below $500 a share at some point this morning. shares will remain range bound near term. iphone 5 sales and cannibalization among the region. >> other concessions from the gop, the speaker proposing tax hikes for millionaires. could this be the tipping point. moving the talks beyond deadlock. >> a big week for earnings. yes, earnings. fedex, research in motion among the companies reporting. so finally maybe we'll be talking about fundamentals in the stock market more than just the cliff. we've got to talk about apple reversing its move lower this morning, sold more than 2 million iphone 5s in china. the best d
CNBC
Dec 19, 2012 6:00am EST
italy. the boreses and footy 100, the xetra dax, this has been the outperformer up in the range of 30%. another .3% after the ifo out of germany. came in better than expected. again, a good sign for growth. not necessarily, though, for those who would like to see a weaker europe. the ibex 35 adding 1.3%. and the nikkei, as you mentioned, up above 10,000 for the first time in eight months. adding 2.4%. better hope the moves in the japanese government or bank of japan pan out. we'll get the bank of japan's decision tomorrow. but this comes on the day when, remember, it's on the weakening of the yen which we can show you on hopes that that will help the japanese corporate sector. remember, we saw export figures showing a drop of 20% in exports to the use. 15% to china. again, there's a lot of expectation built to this. the aussie/dollar remains the underperformer as we continue to evaluate china's internal rebalancing. now the sterling is stronger, the dollar/yen you already mentioned. and the euro/dollar to get back to the point about the ifo survey is adding .3% to 132.-- 1.3274. we ge
CNBC
Dec 11, 2012 9:00am EST
are closing now. >> remember yesterday and all that concern we had about where italy might go with the resignation of mario monti. greece is higher. por sh gal is higher. spain is higher. it's a good day for -- investor sentiment.strongly it was revealed today. optimism over what the fed is going to do in the united states tomorrow. optimism there will be a deal on the fiscal cliff. you have optimism that the recapitalization of the banks is going to be delayed by another year according to the bank of italy. and you have optimism as well on mar of election promises as we now face the pros wekt of a much earlier election in italy. to that end it is fascinating. sylvia berlusconi has come out today warning about the germano center of politics. in other words, too much of a focus on what is happening from germany and the austerity inspired by angela merkel. in particular, he is drawing attention to this. which is the spread of the extra that investors demand to hold italian bonds over german bonds. i've shown this to you a couple times. over the last year it's been a mainstay of a lot
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